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Published: 2020-04-02 20:01:43 +0000 UTC; Views: 1962; Favourites: 17; Downloads: 1
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I almost wasn't going to post this given that 2 weeks in 2020 is equivalent to 2 years of normal-time and things have moved along a lot since mid-March, but it is (somehow) still relevant. Back before the case numbers really skyrocketed, and the US and UK went into their own meltdowns, the big issue was that $2.2 trillion-with-a-T had been dumped into the dumpster fire that was the stock markets at the time, with the overall effect of a 20 minute bump in stock prices and no real-world impact. Turns out money is fake and we can just type in a bigger number and the only reason we as a society can't do utopian things like guarantee housing and healthcare for all for free is "just cos".Good to know.
Luckily places like Canada, the UK, Denmark, France, and others have taken action to put money directly in people's pockets, with Canada and Denmark subsidising wages of impacted companies to the tune of 75%, and 80% in the UK, and Canada enacting a new emergency benefit of $2000 a month for those who've lost their jobs due to COVID-19. The current projection for Canada is that social distancing will likely have to be the rule well into summer, although we can try hoping that that's an overestimate. Nova Scotia's cases have gone up by a steady 20-a-day average over the last 6 days - not exactly the exponential growth witnessed in BC, Ontario, or countries like the US and UK - so hopefully the early decisive action here will keep us from getting hit too hard.
I currently work at a bank, and my wife works at a drug store, and our roommate works in food service - so we're all still in work, and me n the Mrs have actually had pay rises, so we seem to have lucked out on the whole "economy crashing down around us" thing.
Still, this year is probably going to be entirely shaped by COVID and it's fallout - and from what remains when we can finally stop hiding, perhaps there are some good ideas and lessons that we can try to take away. Not having healthcare access linked to employment or immigration status, recognising that people who lose their incomes still have a right and a need to a dignified standard of living that should be guaranteed, realising that building certain national or provincial economies solely around a single natural resource is not tenable in a world that not only has more oil than it needs but that has to get off of oil for it's own survival is -perhaps - a bad idea.
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Comments: 27
mattwo [2020-04-24 21:20:45 +0000 UTC]
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timsplosion In reply to mattwo [2020-04-25 00:10:37 +0000 UTC]
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mattwo In reply to timsplosion [2020-05-03 05:31:49 +0000 UTC]
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cajobif [2020-04-24 18:25:48 +0000 UTC]
And yet many of us may get more money monthly that way that our actual wage. Gonna be hard for them to go back to work afterward. They might need to cut it once everything goes back to normal.
Thankfully in NS you don't have as much dead that us in Quebec. Most are from long-term care facilities.
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timsplosion In reply to cajobif [2020-04-25 00:09:27 +0000 UTC]
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cajobif In reply to timsplosion [2020-04-25 01:47:03 +0000 UTC]
Yeah, it's for that reason that I save my money and avoid any big spending. Not the best time for getting debts. And for those needing to pay their loans.
Well, Canada is a lot less demographically dense than UK is. That helped.
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timsplosion In reply to cajobif [2020-04-26 04:04:35 +0000 UTC]
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Scyphi [2020-04-12 01:42:13 +0000 UTC]
To think that it took a worldwide pandemic to demonstrate the, frankly, obvious flaws in our economic systems. Now I just hope we all really do learn from them.
Looking back at history though...I hesitate to hold my breath on that.
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timsplosion In reply to Scyphi [2020-04-21 16:44:45 +0000 UTC]
History shows that this kind of thing goes one of two ways. Really badly, or really well. We'll see which timeline we're in soon.
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Robotic-Turtle [2020-04-03 07:33:19 +0000 UTC]
As an American, who is furloughed because my line of work is not necessary:
AAAAAAAHHHHHHHHH
(I'll be fine. Many won't be.)
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timsplosion In reply to Robotic-Turtle [2020-04-07 16:01:07 +0000 UTC]
Best of luck to you, man. Given how the US is handling it, you probably need it more!
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Macbow333 [2020-04-03 00:57:51 +0000 UTC]
What even is politics/economics at the top? Kinda feels like a cruel joke where the rest of the world is the punchline.
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timsplosion In reply to Macbow333 [2020-04-03 17:30:31 +0000 UTC]
Honestly, this is the best explanation that I've found. The movie The Big Short is a good starting point too.
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Macbow333 In reply to timsplosion [2020-04-18 00:48:44 +0000 UTC]
So it's like SNL (rules made up and points don't matter), but with the economy, the points do matter despite the rules being just as made up, and if we flop our scene we lose everything while the audience laughs to stave off the realization that they're just as close to botching their skits and winding up just like us? Yeah, that makes sense. Where's a guillotine when you need one...
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timsplosion In reply to Macbow333 [2020-04-23 19:05:38 +0000 UTC]
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Macbow333 In reply to timsplosion [2020-04-24 00:59:57 +0000 UTC]
An important distinction to make. Planned obsolescence is the pits.
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sigel4ever [2020-04-03 00:42:52 +0000 UTC]
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timsplosion In reply to DrX-Raven [2020-04-03 00:56:33 +0000 UTC]
And dumping trillions into stocks that then instantly evaporate is a great use of public funds!
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DrX-Raven In reply to timsplosion [2020-04-03 10:44:12 +0000 UTC]
Flushing money down the toilet? Yes please!
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timsplosion In reply to DrX-Raven [2020-04-03 17:29:01 +0000 UTC]
Weeeeee! There it goes! Disappearing without a trace and without achieving anything of substance!
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Neframe [2020-04-02 20:44:47 +0000 UTC]
We really should be operating at modern monetary theory. Money works because there's a limited supply and a limited demand and both are controlled by the government. Taxes should be seen as a way to control the demand (by removing cash) and spending as a way to control the supply (by literally printing money to fill it).
Right now, we have a huge demand and not enough cash to fill it.
EDIT:
My own government just decided that they had another 40 billion euros to support a crisis package - that was then directed only at a few big corporations who fucked up by firing people (despite not being affected by the lockdowns, violating employment protection laws in the process) instead of the large employers because the socialist party knows nobody can call them out on it.
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timsplosion In reply to Neframe [2020-04-07 15:57:39 +0000 UTC]
That's always the problem governments get stuck on - they focus on bailing out the companies and corporations, and assume normal people are chill with just taking on more personal debt. At least Spain is leading the charge on universal basic income, hopefully others will follow suit on that soon. Canada's $2000 emergency benefit is a good start, but still not quite there.
I need to read more about MMT, but the basic logic of it does make sense to me so far.
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MrETheComic [2020-04-02 20:22:15 +0000 UTC]
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timsplosion In reply to MrETheComic [2020-04-10 16:49:44 +0000 UTC]
Glad to hear your family's doing alright. My wife's laid off so now she's on the emergency benefit Canada announced, but I'm still working and getting paid more for it, so we should be alright for the time being. But yeh, this is gonna be rough, especially for people in the UK and US.
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MrETheComic In reply to timsplosion [2020-04-10 16:51:29 +0000 UTC]
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